TNT – “Tidbits From TNT” Wednesday Morning 4-30-2025

Tishwash:  The Central Bank announces the launch of the Arab Financial Inclusion Week 2025.

Under the slogan “Promoting the Integration of People of Determination and Vulnerable Groups into the Formal Financial System,” Financial Inclusion Week activities in Iraq kicked off this morning, Sunday, April 27, and will continue until May 5 of this year.

These activities are in line with the Central Bank of Iraq’s efforts to promote financial inclusion in society and raise financial and banking awareness among various segments of society, especially those least benefiting from formal financial services. This will contribute to supporting economic and social development and achieving sustainability.

The week’s activities include organizing workshops, exhibitions, direct awareness campaigns, and field trips aimed at spreading financial literacy across bank branches and financial institutions spread across all governorates. Activities will also be organized outside the branches in coordination with the Association of Islamic Banks, the Association of Private Commercial Banks, and the “We Will Reach You” and “Spare You” campaigns approved by the Central Bank.

Central Bank of Iraq
Media Office
April 27, 2025  link

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Tishwash:  To support small and medium-sized enterprises, a financing partnership was signed with the German Development Bank.

The Ministry of Planning announced today, Tuesday, the signing of a strategic financing partnership between the International Labor Organization and Iraqi financial institutions, within the framework of the Small and Medium Enterprises Development and Enhancement Project, funded by the German Development Bank (KfW).

Sabah Jundi Mansour, Director General of Economic and Financial Policies at the Ministry of Planning, explained in a statement received by Kalima News that “the importance of this partnership lies in supporting economic policies that focus on creating sustainable job opportunities and enhancing social protection, especially for vulnerable groups,” noting that “the project represents a practical step toward activating responsible investment and linking financing tools to fair and comprehensive development policies.” 

He pointed to “the role of Iraqi financial institutions in embracing qualitative cooperation with the International Labour Organization, which will enhance financial inclusion and open new horizons for entrepreneurship and local development.” 

It is worth noting that “this partnership is part of joint efforts to support Iraq in achieving the Sustainable Development Goals, particularly Goal 8 on decent work and economic growth, and Goal 1 on eradicating poverty.”  link

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Tishwash:  Due to the drop in oil prices, the Iraqi government is considering canceling the 2025 budget.

An Iraqi cabinet source said on Wednesday that the government is considering canceling the 2025 budget due to the drop in oil prices, which has increased the country’s fiscal deficit .

The source told Shafaq News Agency, “The Council of Ministers did not formally discuss the budget schedules in its previous sessions, and Finance Minister Taif Sami informed the Council of Ministers that there is a large deficit in the budget schedules .”

He added, “Under current conditions, there will be no budget this year due to the decline in oil prices, which has directly impacted financial revenues and increased the deficit in the 2025 budget .”

The source explained that “if the budget is cancelled, Finance Minister Taif Sami may issue a decision to release bonuses and promotions for state employees that were halted and delayed due to the budget.”

On April 16, the Parliamentary Finance Committee warned against adjusting the price of a barrel of oil in the Iraqi federal general budget due to the decline in global oil prices .

Committee member Jamal Kocher told Shafaq News Agency, “The price of a barrel of oil was set in the general budget law at $70 per barrel. At the time, the price of a barrel of oil was more than $70. It is not yet known whether the government has adjusted the price of a barrel of oil in the budget or not .”

Kocher pointed out that “the Iraqi state’s operating budget is only 90 trillion dinars, and if the price of a barrel of oil falls below $60 and this is not addressed, this will lead the country to enter a financial crisis, and the government will spend the financial revenue from oil on employee salaries only   link